Legal Question in Wills and Trusts in Maryland
My fiance and I are planning to enter into a rent to own agreement with my mother who is a senior citizen. She has an existing lien against the house which we will be responsible for paying off in the next 5 years. In addition we will grant her a life trust without powers so that she retains the right to live with us in that house. The question relates to my sister's inheritance rights. Right now, my mother has full powers on the deed, but my sister and I are listed as remaindermen in trust. If my mother dies before my fiance and I have completed the terms of the rent to own agreement (before my mother signs over the deed) what will happen to the property? Will our agreement be null and the property go to her estate outright? Or will we owe her estate the remainder of the purchase price?
1 Answer from Attorneys
All paperwork, the deed, the trust etc need to be examined to review your mother, your and your sister's rights. Best case scenario a new deed and potentially new trust agreement need to be drafted and signed. Worst case scenario your sister has rights which only she can relinquish. Once again, the current documents will detail what can and cannot be done. Feel free to call me if you need further assistance
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